It’s coming! Are you ready?

No, not the holidays – Tax Season 

While we are looking forward to the holidays with our family and friends, we are also faced with the reality that is preparing for tax season.  Linda has been busy updating our checklists (remember to use them when preparing for your tax appointment – and – don’t forget to be like Santa and check them twice!).  Once we have made sure they are ready to roll, we will upload them to the website.

Now is a good time to do some other double checks for your overall financial/tax health.  If you can itemize, make sure you get your charitable contributions made before 12/31/18.  Don’t forget your receipts! Also, take a little bit of time to make sure that your beneficiaries information is up to date on your life insurances, retirement accounts, etc.

Proof of Residency:

If you have children, remember that we NEED proof of residency in order to comply with the IRS regulations concerning due diligence.  Sadly, even though we may have known you pre-children, we still need that proof.  Acceptable proof can include 1) school records; 2) doctor records; 3) church records; 4) government issued (state i.d., driver’s license, etc).  Remember that this proof has to provide: 1) the child’s name; 2) the child’s physical address (no p.o. boxes please) and at least one parent’s name.  Sadly, we don’t make the rules, we just abide by them.  If we don’t, we are faced with a fine of up to $500 PER category – so if you qualify for the four credits affected by this regulation -Earned Income Credit, Education Credit, Head of Household or the Child Tax Credit – and we do not provide the IRS with the required proof of residency, we could be facing a total fine of $2,000 for your return.  So, you can see WHY we ask you for this information.

More information will be in our newsletter.  Remember, if you subscribed to the website alerts, you will receive an email letting you know the newsletter and checklists are available on the website.